US Battery Resourcers raises USD 70m in funding

Battery Resourcers, the US battery recycling and manufacturing company, last week said it has secured USD 70 million (EUR 59.8m) in mid-round funding, which it will use to advance and expand its closed loop material production business.

Hitachi Ventures, the global venture capital arm of Japanese conglomerate Hitachi (TYO:6501), joined the funding round as a new investor. Existing investors include Orbia Ventures, InMotion Ventures, Doral Energy, At One Ventures, TDK Ventures and Trumpf Ventures.

"Collaborating with Battery Resourcers contributes to Hitachi's efforts towards the effective use of depleted resources and a low carbon society," said Hitachi CTO Norihiro Suzuki.

The latest funding round comes after Battery Resourcers recently unveiled two new plants in Westborough, Massachusetts and Novi, Michigan. The company's facility in Worcester is also being converted into a mechanical shredding operation. It has been motivated by the growing demand for sustainable battery production and is expanding its commercial facilities in the US and Europe by the end of 2022.

(USD 1 = EUR 0.855)

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